EX-99.1 2 tm2530478d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

AMCON DISTRIBUTING COMPANY REPORTS RESULTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

 

NEWS RELEASE

 

Omaha, NE, November 7, 2025 - AMCON Distributing Company (“AMCON” or “the Company”) (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, is pleased to announce fully diluted earnings per share of $0.92 on net income available to common shareholders of $0.6 million for the fiscal year ended September 30, 2025.

 

“We believe AMCON’s long term strategy of providing superior customer service, a wide range of foodservice programs, and leading-edge technology solutions combined with the third largest Convenience Distribution footprint in the United States positions our organization well in the years ahead,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to actively seek strategic acquisition opportunities for operators who want to align with our customer focused approach philosophy and further the legacy of their enterprises.”

 

The wholesale distribution segment reported revenues of $2.8 billion and operating income of $23.0 million for fiscal 2025 and the retail health food segment reported revenues of $44.5 million and operating income of $0.1 million for fiscal 2025.

 

“AMCON’s proprietary technology suite of services, combined with our integrated state of the art advertising, design, print and electronic display programs are designed to provide our customers a competitive edge,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer continued, “Our management team works closely to create unique solutions as we deploy these capabilities across our entire organization.”

 

“We engage in a relentless daily focus on managing the Company’s balance sheet and maximizing our liquidity position. At September 30, 2025, our shareholders’ equity was $113.1 million,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer also added, “We are presently in the process of integrating our recent acquisitions in order to optimize our customers’ growth initiatives in the various regions we serve.”

 

AMCON, and its subsidiaries Team Sledd, LLC and Henry’s Foods, Inc., is a leading Convenience and Foodservice Distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products serving thirty-four (34) states from fourteen (14) distribution centers in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. Through its Healthy Edge Retail Group, AMCON operates fifteen (15) health and natural product retail stores in the Midwest and Florida.

 

This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company's forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.

 

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Visit AMCON Distributing Company's web site at: www.amcon.com

 

For Further Information Contact:

Charles J. Schmaderer

AMCON Distributing Company

Ph 402-331-3727

 

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AMCON Distributing Company and Subsidiaries

CONSOLIDATED BALANCE SHEETS

 

   September   September 
   2025   2024 
ASSETS          
Current assets:          
Cash  $744,613   $672,788 
Accounts receivable, less allowance for credit losses of $2.4 million at September 2025 and $2.3 million at September 2024   73,192,069    70,653,907 
Inventories, net   153,276,545    144,254,843 
Income taxes receivable   140,986    718,645 
Prepaid expenses and other current assets   12,150,645    12,765,088 
Total current assets   239,504,858    229,065,271 
           
Property and equipment, net   107,844,655    106,049,061 
Operating lease right-of-use assets, net   30,488,841    25,514,731 
Goodwill   5,778,325    5,778,325 
Other intangible assets, net   4,240,359    4,747,234 
Other assets   3,231,488    2,952,688 
Total assets  $391,088,526   $374,107,310 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $69,532,355   $54,498,225 
Accrued expenses   15,459,406    15,802,727 
Accrued wages, salaries and bonuses   6,745,698    8,989,355 
Current operating lease liabilities   7,862,117    7,036,751 
Current maturities of long-term debt   5,471,310    5,202,443 
Current mandatorily redeemable non-controlling interest   7,020,895    1,703,604 
Total current liabilities   112,091,781    93,233,105 
           
Credit facilities   126,804,775    121,272,004 
Deferred income tax liability, net   4,048,070    4,374,316 
Long-term operating lease liabilities   22,845,456    18,770,001 
Long-term debt, less current maturities   11,033,949    16,562,908 
Mandatorily redeemable non-controlling interest, less current portion   —    6,507,896 
Other long-term liabilities   1,193,081    1,657,295 
           
Shareholders’ equity:          
Preferred stock, $.01 par value, 1,000,000 shares authorized   —    — 
Common stock, $.01 par value, 3,000,000 shares authorized, 635,609 shares outstanding at September 2025 and 630,362 shares outstanding at September 2024   9,799    9,648 
Additional paid-in capital   36,991,031    34,439,735 
Retained earnings   108,475,842    108,552,565 
Treasury stock at cost   (32,405,258)   (31,272,163)
Total shareholders’ equity   113,071,414    111,729,785 
Total liabilities and shareholders’ equity  $391,088,526   $374,107,310 

 

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AMCON Distributing Company and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   Fiscal Years Ended September 
   2025   2024 
Sales (including excise taxes of $561.9 million and $569.5 million, respectively)  $2,816,688,287   $2,710,981,108 
Cost of sales   2,628,458,039    2,528,626,652 
Gross profit   188,230,248    182,354,456 
Selling, general and administrative expenses   165,839,583    154,878,763 
Depreciation and amortization   9,835,200    9,495,179 
    175,674,783    164,373,942 
Operating income   12,555,465    17,980,514 
           
Other expense (income):          
Interest expense   10,443,571    10,413,228 
Change in fair value of mandatorily redeemable non-controlling interest   877,409    1,040,968 
Other (income), net   (329,254)   (936,171)
    10,991,726    10,518,025 
Income from operations before income taxes   1,563,739    7,462,489 
Income tax expense   995,000    3,126,000 
Net income available to common shareholders  $568,739   $4,336,489 
           
Basic earnings per share available to common shareholders  $0.93   $7.24 
Diluted earnings per share available to common shareholders  $0.92   $7.15 
           
Basic weighted average shares outstanding   613,188    599,020 
Diluted weighted average shares outstanding   616,486    606,782 
           
Dividends paid per common share  $1.00   $1.00 

 

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AMCON Distributing Company and Subsidiaries

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

 

                   Additional         
   Common Stock   Treasury Stock   Paid-in   Retained     
   Shares   Amount   Shares   Amount   Capital   Earnings   Total 
Balance, October 1, 2023   943,272   $9,431    (334,583)  $(31,272,163)  $30,585,388   $104,846,438   $104,169,094 
Dividends on common stock, $1.00 per share   —    —    —    —    —    (630,362)   (630,362)
Compensation expense and issuance of stock in connection with equity-based awards   21,673    217    —    —    3,854,347    —    3,854,564 
Net income available to common shareholders   —    —    —    —    —    4,336,489    4,336,489 
Balance, September 30, 2024   964,945   $9,648    (334,583)  $(31,272,163)  $34,439,735   $108,552,565   $111,729,785 
Dividends on common stock, $1.00 per share   —    —    —    —    —    (645,462)   (645,462)
Compensation expense and issuance of stock in connection with equity-based awards   15,100    151    —    —    2,551,296    —    2,551,447 
Repurchase of common stock   —    —    (9,853)   (1,133,095)   —    —    (1,133,095)
Net income available to common shareholders   —    —    —    —    —    568,739    568,739 
Balance, September 30, 2025   980,045   $9,799    (344,436)  $(32,405,258)  $36,991,031   $108,475,842   $113,071,414 

 

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AMCON Distributing Company and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   September   September 
   2025   2024 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income available to common shareholders  $568,739   $4,336,489 
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:          
Depreciation   9,328,325    8,957,478 
Amortization   506,875    537,701 
(Gain) loss on sales of property and equipment   (90,237)   (177,467)
Equity-based compensation   2,551,447    2,489,781 
Deferred income taxes   (326,246)   (543,644)
Provision for credit losses   53,549    (64,705)
Inventory allowance   (320,305)   62,349 
Change in fair value of contingent consideration   (1,453,452)   (124,992)
Change in fair value of mandatorily redeemable non-controlling interest   877,409    1,040,968 
Changes in assets and liabilities, net of effects of business combinations:          
Accounts receivable   (2,579,336)   5,900,380 
Inventories   (5,703,098)   29,003,285 
Prepaid and other current assets   616,232    2,227,044 
Other assets   (278,800)   (38,193)
Accounts payable   16,009,694    11,397,485 
Accrued expenses and accrued wages, salaries and bonuses   (1,949,997)   1,221,322 
Other long-term liabilities   278,968    511,231 
Income taxes payable and receivable   577,659    1,135,839 
Net cash flows from (used in) operating activities   18,667,426    67,872,351 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment   (9,003,396)   (20,429,805)
Proceeds from sales of property and equipment   113,214    416,546 
Acquisition of Arrowrock Supply   (6,131,527)   — 
Acquisition of Burklund   —    (15,464,397)
Acquisition of Richmond Master   —    (6,631,039)
Net cash flows from (used in) investing activities   (15,021,709)   (42,108,695)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Borrowings under revolving credit facilities   2,588,656,781    2,517,192,464 
Repayments under revolving credit facilities   (2,583,124,010)   (2,536,358,449)
Principal payments on long-term debt   (5,260,092)   (3,765,153)
Repurchase of common stock   (1,133,095)   — 
Dividends on common stock   (645,462)   (630,362)
Redemption and distributions to non-controlling interest   (2,068,014)   (2,320,299)
Net cash flows from (used in) financing activities   (3,573,892)   (25,881,799)
Net change in cash   71,825    (118,143)
Cash, beginning of period   672,788    790,931 
Cash, end of period  $744,613   $672,788 
           
Supplemental disclosure of cash flow information:          
Cash paid during the period for interest, net of amounts capitalized  $10,522,689   $9,985,313 
Cash paid during the period for income taxes, net of refunds   724,088    2,520,127 
           
Supplemental disclosure of non-cash information:          
Equipment acquisitions classified in accounts payable  $41,384   $1,016,948 
Purchase of property financed with promissory note   —    8,000,000 
Portion of Burklund acquisition financed with promissory note   —    3,900,000 
Portion of Burklund acquisition financed with contingent consideration   —    1,578,444 
Issuance of common stock in connection with the vesting of equity-based awards   —    1,296,372 

 

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